FG Expresses Gratitude To Citizens For Enduring Economic Reforms

The Federal Government of Nigeria has expressed sincere gratitude to its citizens for their patience and resilience during the implementation of significant economic reforms, which are now beginning to show positive outcomes.

During an interactive meeting with the Senate Committee on Finance, Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, acknowledged the public’s endurance and assured them that the initial hurdles posed by these reforms have been overcome. He emphasized that the country is moving towards better economic prospects, with early signs of improvement already evident.

Key among these reforms are the market-driven pricing of Premium Motor Spirit (PMS) and changes in the foreign exchange system. Both measures have reached a stage where they are starting to yield results that will contribute to the nation’s economic stability and promote fiscal sustainability.

Notable reforms include:

Exchange Rate Unification: The Central Bank of Nigeria has consolidated the various official exchange rates into one unified, market-determined rate, effectively addressing the verified backlog of foreign exchange demands.
Gasoline Price Adjustments: The government has significantly increased gasoline prices as part of phasing out fuel subsidies, which had burdened the country with a cost exceeding 8.6 trillion naira (approximately US$22.2 billion) between 2019 and 2022.
Cash Transfer Program: To mitigate the impact of these economic changes on citizens, particularly vulnerable groups, the government has launched a cash transfer initiative. This program will distribute 75,000 naira to 15 million households over a period of three months to help ease the financial strain.

These reforms are designed to stabilize the Nigerian economy, enhance fiscal sustainability, and allocate sufficient resources for quality public services. Additionally, the World Bank has supported these efforts by offering a new financing package worth US$2.25 billion, further aiding the country in achieving its economic recovery goals.